EUR/USD Scalp 1 min

Here it is:



Actually while I'm using that type of trading and when I get bored,

I'm paying "scalping" on 5-15M TF on other pairs

So far with 50/50 results. Now looking into RENKO stuff, if it's going to work better I'll let you know

Have to wait till Monday..

I hope you don't mind my additional questions:

1. Do you wait on the daily and 15m to close or do they just have to touch the BB20 and the cci14 touch of 100 level? In other words are there any shortcuts to a valid entry or earlier entry? One shortcut I thought of would be to enter during latter half of day when the 4h or 1h gave an earlier signal, finally drilling down to the 5m or 15m signal as you have already stated.

2. Your daily chart has horizontal line at 40 level of cci14 where you close if multiple lots open; is vertical line at 100 to illustrate where you close if only 1 lot open?

3. How many pairs do you monitor on daily chart for trading?

Thanks for HMA Color. I'll try it.

God bless you for sharing your method.

Steve

Ok, Steve, nothing is complicated here.

Answers:

1) Actually, you can just forget about M15, ok? I just show you that

to see detail on how orders are placed.... Daily TF doing the tricks,

while on 5-15-30 TF and so on using BBANDS is just like flying the plane

without attitude indicator, cause you actually don't know where the pair

is, how high or how low compare to few weeks data..

Daily TF shows you not like few hours data, but

almost months worth of pair behavior. Just watch few pairs, I have 4

on screen with spread no greater than 5. That's how I choose my pairs

now, when pair almost approaching lower or higher BAND I start to build my

NET.. I actually place "PENDING ORDERS" so I don't have to worry about

pushing the button and receiving errors like "Off quotes" in case pair

moving in any direction too rapidly. OK? So, before Pair even get to the

lower

or upper band my orders already in place and not 1 but at least 2-3

like 0.50 lot buy --

0.60 lot buy 60-80 (individually) pips lower/higher and so on. I always make

sure there is at least 2 extra pending orders always set, so I have like set of

2-3 pending orders within 60-80 pips distance. Forget about 15m TF

screen in that case.. It's just simple zoom in, to show details

#2) Yes, in that case at about CCI(14) (+40)-(+50) range, because even at


-94 CCI (14) (when my pair is now), I'm already

in profit.. So, I should be in very good profit at around +50 CCI, right?

I don't want to push too hard here, enough is enough...

And please forget about M5-M15 whatever, it's absolutely useless in this

type of setup.

I'll show you where I want to buy ( I already run this up few times)

USDJPY Look (pic below), trades already in place, just don't executed yet.

And Finally #3) Right now I got NET on 3 pairs (was 4, UJ sold already

and another NET is in place (see screenshot), if it drops,

I'll be riding it again like a wild horse)

Others are

GU, EJ, CHFJPY Those are likely swing pairs, while AU, NU and on is in

uptrend, but it don't matter I would generally use pairs with lowest spread

possible.. Also, for this type of trading better use wild swing pairs...

beast like GJ (GBPJPY) is also good perhaps, but I have 7 pips spread on

that, too high..

Good luck!

Chart below shows price touched BB20 every day for last 5 days which could trigger a new initial buy order if you had just opened your charts each day for the first time. I assume you took one of these 5 opportunities and already closed them for profit while the cci14 was below the -100 which surprises me. I thought you would hold longer but first profit is always good and reenter on next touch of BB20. Is this what you did or am I lost?

If I'm understanding your thoughts, there's a new entry short one could have took Friday and since it dropped almost 135 pips below the BB20 you could have reentered twice every 60 pips down and now be in fat city profit, all in 1 day thanks to NFP.

Please help me think this thru.

Steve

Your very patient with me; is very much appreciated. I'm learning alot.

I'll use your charts if you want to tell me who you use. I have a live account with MBTrading and Oanda but can use anyone's charts while learning with you.



Steve

What kind of stoploss are you using if any? How far will you allow a trade to go against you before closing out a position? What's your broker's spread?

Yes correct, I sold those 2 positions when price went up and then

place another 2 "LIMIT ORDERS" which has not been hit yet.

I use Interbank FX

Talking about USDJPY look at CCI(14) every time it hits

like -300 + it always rebound you can scroll to the left and see.

I think it could go lower again this time maybe in 87.20/1 USD Area,

but besides trading and charts you have to keep in mind that JPY is

extremely overvalued almost to ANY currency. Japanese will die with

Yen like this. They need to sell their CARS! with such high YEN

It impossible to compete in todays Market. If this continue any further

I expect Bank of Japan to do Intervention in the currency Market and lower

yen to much reasonable levels. 88 YEN per 1 USD? and about 130 for 1

EURO? This is plain NUTS. Yen should be somewhere in 200 area for 1 USD

for Japanese to be competitive. Yen is overvalued also mostly because USD lost its

safe haven currency status and now when market get HIT, YEN getting

boost instead of $USD. So fundamental things equally important with tech

analysis I think. That's why I'll continue to sell YEN without any SL

How would you handle this 11.07.07 Uj long trade I found that hit a cci14 -300 level?

Would you enter 0.4 lots at BB20 then 9 more entries for 0.5, 0.6, 0.7, 0.8, 0.9, 1.0, 1.1, and finally 1.2, lots?

For example, a $1,000 account risking 4% is $40 available to risk; Therefore $40 by 7.2 lots equals around $5.55/entry you are trading; with an average lot size risked in this trade of 0.9 lots that's 617 pips of drawdown you could handle within the 4% account at risk on a trade.

5 days into the trade you could take a profit and be happy if you had a rule to follow for this. So far we have discussed holding till the original entry is 20-30 pips in profit.

The CCI14 keeps climbing while the price drops more; eventually, you'd would make a bloomin killing.

Please tell me how you would handle this if you don't mind.
Would you get out at the 5th day with profit? If so, you didn't wait for 20-30 pips profit from 1st entry Is there any way you would have hung on till then?

Last question. How do you give up and take a loss? Has this happened? How do you manage it?

Steve

"How do you give up and take a loss? Has this happened? How do you manage it?"

#1 I'm trading mini-lots 1 pip move represents $1

#2 on your screen shot there you got to start buying pair on the bottom

not from top when CCI is over +100. You have to start buying below 100

and selling above 100. And why I have to give up? Nothing goes up or down

in straight line, there is always rebound. If you see pair going up to the upper

band and down only to the middle trade line and back to the upper band

again, that's the uptrend and if same going to to the bottom band and

back to the only middle and to the bottom band again that's the downtrend

Look for something like this I scroll it to the left.. That's like 4 month of data

from April to July.. How much money could you made there?

Don't pay attention on my Buy orders cause this chart is scrolled to just show

what you have to be looking for.

Besides

": for 0.5, 0.6, 0.7, 0.8, 0.9, 1.0, 1.1, and finally 1.2, lots?" That is more like for $10k+ Account for $1k you have to

divide it by 10 at least. Type of trading I'm talking about better with BIGGER accounts at least $10k

Better $50k+ So you keep buying or selling without worry in return you would have 0 loses. And yes if you manage it

wrong, you can lose. That's why bigger account size and smaller bit lots are the keys.

Sorry; I mean't minilots;

you would need to click on my chart to expand it before you can see the first entry at the bottom of BB20 where I drew 9 horizontal lines at additional entries every 60 pips on the way down before it turned around. The CCI was at -300.

I believe you would have closed this 500+ pips of drawdown earlier at a small cumulative profit even if the first entry or two were at a loss. The other entries would have covered it. I was curious if you would have closed that trade early with CCI14 still at -100.

Thanks so much,

Steve

Steve, do you read when I talk about downtrend and uptrend?

You have to apply BAND indy look what I have on my screen

In that particular time UJ pair is in clear downtreand and I showed to you

earlier what you have to look on: swinging pairs from lower band to upper band

Look what's on my screen for you particular example

pair clearly sits at lower band:

I'll add some Indy tomorrow to make sure to trade only swing pairs

my chart is 11.07.2007
your chart is 7.11.2007

Example of ShyzerFX's teaching me to trade day chart BB reversals. Trade entered 3 days ago and still rising but cci is holding steady making me feel its ready to drop soon. Whatever happens I'll win in the end. I have 2 additional sell orders in if it rises more.

If this works for me I love it! Will require a few weeks to see how I adjust to this. I pray I can handle the drawdown with small lost size. I think I can.

Thanks ShyzerFX for the great trade method. Hoping you'll be around to critique me. Your a great teacher.

Steve

Read this thread and master this trading technique,,,Its one of the best systems on FF,,,,I am going to post my trading history for anyone that wants to follow the power of this system,,,,BTW I only trade,,, gpb/usd,,,,Good luck!!

http://www.myfxbook.com/members/Mich...k8cFzsB2BM4n6a

Actually my trades are based on the original idea that Hoss introduced on page one,Pivots and Murry math lines help with S/R,,,, Skyzerfx has a decent approach to trade an the daily charts,,,,

I only trade the Asian and NY markets,,,,,i need my sleep,,,

Nice method Hoss, I appreciate it. Wish it hadn't been hijacked for 2 pages

I am newbie here at forex factory, and this is my 1st post.

I seen the EU 1 min scalp thread, and wanted to say Hi.

I will be watching this thread, I trade the 1 minute EU also.

Is Hoss still around?

Thank you, any assistance is appreciated.

pip-scalper

Does the Asia session begin at 7pm E.S.T?

Thanks anyone.

Looking for EU to give me shorts next few hours.

Pip-scalper

Monday Asia Session:

I did not get any EU shorts, but took the GU short at 1.6291 and set limit at 1.6210. +81 pips.

I will post charts once I get beyond newbie status.

pip-scalper